Gibson, makers of globally loved guitars, are in a spot of trouble and have filed for bankruptcy protection. This has been rumoured for a while, but it doesn’t mean the end for the firm. Instead, the application is accompanied by a division of the company’s assets and debts so the profit making bit can continue.

As Henry Juszkiewicz, Gibson CEO, explained: “The decision to re-focus on our core business, musical instruments, combined with the significant support from our noteholders, we believe will assure the company’s long-term stability and financial health… The brand name and company’s reputation for making guitars is tarnished, but not dead by any means, and it’s very much capable of being resuscitated.”

Or to put it another way, if they went back to making guitars and stopped titting around with other products things might be ok.